Emerging Consumption Sentiment In China

With the continuous improvement of people's living standards, Chinese

And patterns are getting closer to consumers in rich countries.

In China, a new consumer group is rapidly emerging new mainstream consumer groups. These new consumers are more laissez faire, pay more attention to personal enjoyment, pay attention to their emotional appeal, and become more loyal to their favorite brands.

China's economy has gradually slowed down from two digit growth in recent years.

However, despite the slowdown in China's economy, spending power has been greatly increased.

According to the forecast, in the next ten years, the proportion of Chinese urban households with disposable annual income that can afford private cars and small luxury goods will increase by nearly 6 times, to 57% of all urban households by 2020.

It is estimated that the top 225 cities in China contributed 29% to world economic growth in 2007-2025 years.

At the beginning of the next ten years, many consumers belonging to the mass consumer group will enter the new mainstream consumer class.

By 2020, the number of the latter in China will reach 400 million, occupying more than half of all the urban residents in China, and their consumption patterns will also represent the general consumption standards of the whole country.

The researchers predict that by 2020, these affluent consumers will account for 51% of the urban population, far more than 6% of 2010. These people are more emotional than previous generations, and brand awareness will also exceed the current mass market consumers.

This year, 37% of consumers admitted that they were willing to buy personal care products for self enjoyment, a big increase from 25% in 2011.

Similarly, consumers who admitted that they were willing to spend more money on goods or services rewarding themselves increased from 38% in 2010 to 43% in 2012.

At the same time, the brand loyalty of consumers is constantly improving.

The proportion of consumers who tended to buy the same brand of food and beverages increased from 26% in 2011 to 35% in 2012.

"Enterprises will have to act quickly to cater for them with the brand of" outspoken "consumer psychological appeals," the report said.

The report surveyed 10 thousand people in 44 cities.

McKinsey points out that the current mass market consumer in China is defined as a consumer group with annual household income of 3.7-10.6 million, which accounts for more than 4/5 of China's total population.

The report said that the younger generation of Chinese consumers may be closer to the consumption characteristics of consumers in developed countries.

Of the new mainstream consumer groups in China, 41% of young consumers will say they will "buy the best products at a high price", while the proportion of older consumers is 31%.

Chinese consumers, who are known for their savings and unwilling to use credit card consumption, are beginning to pay more attention to foreign countries.

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The McKinsey report says that by 2020, the number of Chinese cities and towns that can buy private cars and a few luxuries will expand by six times, or about 57% of the total population.

"The more youthful and richer consumers are, the more likely they are to favor foreign brands, which is good news for global enterprises," the report said.